Retail used-vehicle sales in August saw an impressive 8% month-over-month gain, according to Cox Automotive’s vAuto Live Market View data estimates. This increase pushed retail sales to their highest level since October 2021, with a total of 1.7 million used vehicles sold at both franchised and independent dealerships, marking a 13.6% year-over-year increase. Days’ supply also rose slightly, ending August with 44 days of inventory, up from 41 days in July.
The surge in August sales is partly attributed to improved affordability within the used vehicle market. “Used retail sales picked up steam in August as affordability improved slightly,” said Scott Vanner, senior Economic and Industry Insights analyst at Cox Automotive. Vanner highlighted the notable increase in vehicles sold for under $15,000, signaling a shift in inventory mix that attracted more buyers.
Cox Automotive’s retail sales estimates are based on unit changes tracked by vAuto, an inventory management brand.
While overall used-vehicle sales rose, certified pre-owned (CPO) sales presented mixed results. CPO sales in August increased 11.1% month-over-month, reaching an estimated 235,150 units, up from 211,562 in July. However, CPO sales were still down 3.3% compared to the same time last year, primarily due to a shortage of off-lease and trade-in units. Year-to-date, CPO sales are trailing behind last year’s totals by 2.0%, though Cox Automotive maintains a steady year-end forecast of 2.6 million CPO vehicles sold.
The positive sales momentum in August indicates that dealers and buyers benefit from improving conditions in the used vehicle market despite challenges in specific segments, such as certified pre-owned vehicles.
